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Deals & Dealmakers

$56M financing for Chelsea conversion

G4 Capital Partners has funded a $56 million loan for the conversion of a Chelsea warehouse into office space.

Jonathan Aghravi of JBA Equities secured the construction loan for 541-545 West 21st Street, an eight-story vacant warehouse that will be converted into office space with retail on the ground floor.

Aghravi originated the loan, and along with Charles Han, represented the
borrower, Erbo Properties LLC.

The construction loan follows a $23.4 million bridge loan Aghravi and his team arranged in March to recapitalize the existing debt and provided funding for predevelopment costs.

G4 executives on the deal included co-managing principals Jason Behfarin and Robyn Sorid.

“This is an exciting project,” Aghravi said. “We’re proud to have structured the initial bridge loan with G4 to help the new owner recapitalize the deal, and now to arrange construction financing that will fully activate this site.

“G4 was a pleasure to work with and both the borrower and lender worked expeditiously to close the loan.”

The project will be renovated by Ray Cecora and Peter Cecora of Higher Ground Development in partnership with the owner.

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